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CREI Acquires 471-Bed Community Near the University of Akron for $12.5 Million

Akron, Ohio — Capstone Real Estate Investments (CREI) has acquired 22 Exchange, a 471-bed student housing community located near the University of Akron in Ohio, for $12.5 million. The property offers two-, three- and four-bedroom units alongside shared amenities including a 24-hour fitness center, a computer center and 22,104 square feet of ground floor retail. Sean Baird and Jonathan Holt of Colliers International represented both the buyer and seller, Rialto Capital Management, in the transaction. “The impact of COVID-19 on college campuses has made student housing deals more challenging in recent months, particularly with slower leasing velocity in April through June and uncertainty about schools reopening,” says Baird. “However, the residential and retail components, along with the location of the property, made this a good fit for the buyer.”

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